Common use of Optional Termination and Reduction of Commitments Clause in Contracts

Optional Termination and Reduction of Commitments. (i) The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (A) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $1,000,000 and (B) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 3.04(b)(i), the total Revolving Credit Exposures would exceed the total Commitments. (ii) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under Section 2.06(b)(i) at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.06(b)(ii) shall be irrevocable; provided any notice of termination delivered in connection with any refinancing of all of the Loans with the proceeds of such refinancing or of any incurrence of Indebtedness, may be, if expressly so stated to be, contingent upon the consummation of such refinancing or incurrence and may be revoked by the Borrower in the event such refinancing is not consummated (provided that the failure of such contingency shall not relieve the Borrower from its obligations in respect thereof under Section 5.02).

Optional Termination and Reduction of Commitments. (i) The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (A) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 500,000 and not less than $1,000,000 and (B) the Borrower shall not terminate or reduce the Commitments ifto the extent that, (1) after giving effect to any concurrent prepayment of the Loans in accordance with Section 3.04(b)(i3.04(a)(i), the total Revolving Credit Exposures would exceed the Loan Limit or (2) after giving effect to such termination or reduction, the total Commitments would be less than $50,000,000, except in connection with a termination of all of the Commitments. (ii) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under Section 2.06(b)(i) at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.06(b)(ii) shall be irrevocable; provided any that a notice of termination delivered in connection with any refinancing of all of the Loans with Commitments delivered by the proceeds Borrower may state that such notice is conditioned upon the effectiveness of such refinancing other credit facilities or of any incurrence of Indebtedness, may be, if expressly so stated to be, contingent upon the consummation of a transaction, in which case such refinancing or incurrence and notice may be revoked by the Borrower in by notice to the event Administrative Agent on or prior to the specified effective date of such refinancing termination if such condition is not consummated (provided that the failure of such contingency shall not relieve the Borrower from its obligations in respect thereof under Section 5.02)otherwise satisfied.

Optional Termination and Reduction of Commitments. (i) The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (A) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $1,000,000 and (B) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 3.04(b)(i), the total Revolving Credit Exposures would exceed the total Commitments. (ii) 1,000,000. The Borrower shall notify the Administrative Agent in writing of any election to terminate or reduce the Commitments under Section 2.06(b)(i‎2.4(c)(ii) at least three (3) Business Days Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.06(b)(ii‎2.4(c)(ii) shall be irrevocable; provided any that a notice of termination delivered in connection with any refinancing of all of the Loans with Commitments delivered by the proceeds of Borrower may state that such refinancing or of any incurrence of Indebtednessnotice is conditioned upon other transactions, may be, if expressly so stated to be, contingent upon the consummation of in which case such refinancing or incurrence and notice may be revoked by the Borrower in (by written notice to the event Agent on or prior to the specified effective date) if such refinancing condition is not consummated (satisfied. Any termination or reduction of the Commitments shall be permanent and may not be reinstated. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with each Lender’s Pro Rata Share; provided that the failure of if any Lender is a Defaulting Lender at such contingency shall not relieve time as the Borrower from elects to terminate or reduce the Commitments hereunder, the Borrower may (in its obligations in respect thereof under Section 5.02)discretion) apply all or any portion of the Commitments to be reduced, to the Commitment of any one or more Defaulting Lenders specified by the Borrower before applying any remaining reduction ratably to all other Lenders.

Optional Termination and Reduction of Commitments. (i) The Borrower Borrowers may at any time terminate, or from time to time reduce, the Commitments; provided that (A) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 100,000 and not less than $1,000,000 and (B) the Borrower Borrowers shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 3.04(b)(i3.04(c), the total Revolving Credit Exposures would exceed the total Commitments. (ii) The Borrower Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Commitments under Section 2.06(b)(i) at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower Borrowers pursuant to this Section 2.06(b)(ii) shall be irrevocable; provided any that a notice of termination delivered in connection with any refinancing of all of the Loans with Commitments delivered by the proceeds of Borrowers may state that such refinancing or of any incurrence of Indebtedness, may be, if expressly so stated to be, contingent notice is conditioned upon the consummation effectiveness of other credit facilities, in which case such refinancing or incurrence and notice may be revoked by the Borrower in Borrowers (by notice to the event Administrative Agent on or prior to the specified effective date) if such refinancing condition is not consummated (provided that satisfied. Any termination or reduction of the failure Commitments shall be permanent and may not be reinstated. Each reduction of such contingency the Commitments shall not relieve be made ratably among the Borrower from its obligations Lenders in respect thereof under Section 5.02)accordance with each Lender’s Applicable Percentage.

Optional Termination and Reduction of Commitments. (i) The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (A) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $1,000,000 and (B) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 3.04(b)(i), the total Revolving Credit Exposures would exceed the total Commitments. (ii) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under Section 2.06(b)(i) at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.06(b)(ii) shall be irrevocable; provided any notice of termination delivered in connection with any refinancing of all of the Loans with the proceeds of such refinancing or of any incurrence of Indebtedness, may be, if expressly so stated to be, contingent upon the consummation of such refinancing or incurrence and may be revoked by the Borrower in the event such refinancing is not consummated (provided that the failure of such contingency shall not relieve the Borrower from its obligations in respect thereof under Section 5.02).under